Mortgage timelines

[u/Primary_Bad_3019]

We placed an offer and it was accepted.

The owner gives bank to reply 45 days to give an answer upon application or else we end up paying 10%.

Was curious if this is a common thing?

It feels unusual as we thought that it would take at least several months to get answer from the bank, so we are reaching out to community to understand how this goes

[u/post_crooks]

45 days is OK, even if you have 3 months, banks will delay their reply to make it more difficult for you to negotiate